PPB Advisory was appointed as investigative accountant by a major Australian bank owed $4.7m to assess the financial position of the dealership, advise whether the company was able to survive four months during the planned sale of business process, and confirm the security position of the bank.
PPB Advisory worked closely with the bank and its lawyers to assess what other personal assets (principally the director’s investment properties) were available as additional security to the bank and advise the extent of other charges secured against the director’s personal assets.
PPB Advisory made recommendations regarding existing and potential additional security available to the bank including confirmation of any priority arrangements with other lenders and obtained charges over personal assets to further secure the bank’s position.
The bank’s loan was subsequently fully repaid from secured asset realisations, sale of business proceeds and assignment of the floorplan agreement to the new purchaser